Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production
NBER Working Paper No. 14389
---- Acknowledgements ----
The views expressed in this paper are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Richmond or the Federal Reserve System. We thank Andreas Hornstein, Ray Owens, and Roy Webb for helpful conversations. Support was provided by the National Science Foundation through grant SES-0617811. Data and replication files for this research can be found at http://www.princeton.edu/~mwatson. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.